Prestige Estates Clocks Record Sales Bookings Of Rs 12,930 Crore In FY23, Up 25% Annually

Realty firm Prestige Estates on Wednesday said its sales bookings rose by 25 per cent to a record Rs 12,930.9 crore in the last fiscal year on strong housing demand. In a regulatory filing, the Bengaluru-based firm said, "During the fiscal year FY23, the group registered record-breaking highest sales of Rs 12,930.9 crore (up by 25 per cent year-on-year) and highest ever collections of Rs 9,805.5 crore (up by 31 per cent y-o-y)."

Sales bookings stood at 15.09 million square feet with an average realization of Rs 8,812 per sq ft (up by 17 per cent year-on-year) for apartments/ villas/ commercial sales and average realization of Rs 4,124 per square feet  (down 2 per cent y-o-y) for plot sales. The group sold more than 9,600 homes in FY23 spanning over 15 million square feet area.

During the last fiscal, the new launches totalled 26.38 million square feet up by 57 per cent annually. The total completions during the last fiscal year stood at 15.68 million square feet, up by 10 per cent year-on-year.  During the fourth quarter of the last fiscal, Prestige Estates registered sales of Rs 3,888.8 crore, up 19 per cent year-on-year and the highest-ever quarterly collections of Rs 2,763.3 crore, up by 12 per cent year-on-year. 

It sold 4 million square feet area with an average realization of Rs 9,761 per square foot (up by 26% yoy) for apartments/villas/commercial sales and average realization of Rs 4,508 per square foot (up by 44 per cent yoy) for plot sales. Irfan Razack, Chairman and Managing Director, Prestige Group said, “The company has achieved significant growth in the past year- with sales, collections, launches, and completions far surpassing the previous year's level."

The success in the past year has been driven by its commitment to delivering high-quality projects and exceptional service to clients, he added. "We have been dedicated to expanding our property portfolio while maintaining a healthy balance of launches and completions. We are well-positioned to continue our upward trajectory, and we have set ambitious objectives for the next three years.

"Our aim is to double our sales during this time, and we are confident that we have the right team and strategy in place to achieve this goal," Razack said. Venkat K Narayana, Chief Executive Officer, Prestige Group said, "We achieved a record-breaking highest sale of Rs 12,930 crore, which is a remarkable increase of 25 per cent compared to the previous year's (high base) sales of Rs 10,382 crore." Mumbai contributed about Rs 2,700 crore to the total sales in the last fiscal, he added.